WITHOUT PERMANENT TAX RELIEF, MILLIONS OF AMERICANS WILL SEE THEIR TAXES GO UP BY BILLIONS OF DOLLARS IN 2011
A Family of Four with Two Children who earn:
• $50,000 annual income today ($55,100 in 2011) would see a $2,145 INCREASE (from $1,383 to $3,527) or 155 percent higher tax bill; • $60,000 annual income today ($66,200 in 2011) would see a $1,863 INCREASE (from $3,030 to $4,893) or 61 percent high tax bill.
Tax Increases on Average…
• • • • • • • 115 million taxpayers--$1,795 increase 83 million women--$2,068 increase 48 million married couples--$2,899 increase 42 million families with children--$2,181 increase 12 million single women--$1,082 increase 17 million seniors--$2,270 increase 26 million small business owners--$3,960 increase
Tax Relief Brings Trillions of Dollars to Americans…
• • • • $1.1 trillion provided through 2006; $1.3 trillion by the end of 2007; $2.5 trillion over the next ten years (with permanent tax relief); and $3.8 trillion total through 2017 (if permanently extended)
More than 5 Million Taxpayers Will Become Subject to the Individual Income Tax
• This analysis assumes that the following provisions in EGTRRA, JGTRRA, WFTRA, and TIPRA would be allowed, as scheduled, to expire at the end of 2010: o Creation of the new 10 percent individual income tax bracket. o Reduction in individual income tax rates above 15 percent rate bracket. o Reduction of marriage penalties in the standard deduction, 15 percent rate bracket, and the earned income tax credit. o Lowering the tax rate on capital gains and dividend income to 15 percent (0 percent for the lowest two rate brackets). o An increase in the child tax credit to $1,000. o Allowing the child tax credit to offset the AMT. o An expansion of the partially refundable additional child tax credit. o An increase in the child and dependent care tax credit. o Simplification of the rules for determining income for the earned income tax credit.